Video Banking Is Very Beneficial During The Lockdown

# VideoBanking


Neha Modgil

Insight 1

The global pandemic has got millions of people across the globe to self isolate themselves and stay in their homes. People are hesitant about visiting public places because they could contract COVID-19 if they come in contact with other people. This disease has no antidote or vaccination and the mortality rate is also very high as we all already know. But, as we are all adapting to the new “normal” life, the lockdown has shown us some challenges of staying at home and maintaining social distancing.

There are plenty of challenges faced by people during this lockdown but one very important problem is managing daily banking needs and activities.

People are having trouble in completing their daily banking tasks like funds transfer, account opening, bill payments etc. Since everybody is very reluctant about visiting public places and coming in contact with other people, a lot of their banking activities are being hampered.

Many public and private sector financial institutions have taken a number of initiatives to stay connected with their customers and communicate with them in a more effective and engaging manner to ensure that their customers can easily carry out their banking activities on digital platforms. This reduces the need for customers to physically visit a bank to complete their banking activities.

How can customers sit at home and still carry out their banking activities smoothly?

Video Banking is one such feature banks are offering their customers to simplify the entire banking process for them. Video banking has been prevalent since way before the lockdown. Yes, many banks have been keeping up with the technological advancements to provide the best service to their customers and have adopted the feature of video banking to ease the entire banking process for their users. You can manage your account on your fingertips with complete safety of your information and money.

What is Video Banking?

The technology that enables you to have face to face conversations and interactions with bank representatives on your laptop, desktop or mobile phone to help you carry out your banking requirements and activities smoothly is known as Video Banking. This feature of managing your account and carrying out your daily banking needs at a place of your choice and a time of your convenience has been a boon to many people across the globe, during this lockdown.

Imagine you are are stuck in your house during this lockdown and you need to transfer money to somebody, would you be comfortable visiting the bank yourself? The answer to this question according to millions of people around the world right now is NO. Nobody wants to come in contact with a human being and many people don’t even want other human beings anywhere close to their proximity so everybody is practising social distancing. Yet, almost all of us wish that we had a banking professional personally guide us with all our needs and requirements. Even though we can dial the call centre of our bank and speak to banking representatives, there is some disconnection, some gap between what customers get and what they expect. That disconnection between the customer and the call centre representative is nothing but lack of human touch. Users are clearly able to hear the person and speak to the person but that visual element is missing, hampering the rapport building process between the customer and the bank representative. Video banking bridges the gap between wanting to have a human interaction yet not wanting any human being around us.

Let’s have a look at a few reasons why video banking has been adopted by many financial institutions to ensure that at no point do their customers feel neglected or not attended.

  • Users can connect with a bank representative and have virtual face to face conversations with them.
  • These conversations can happen at the customers convenient time and in their comfortable place.
  • Reduces the need for real physical human contact to carry out banking activities and managing the account.
  • Increases the users engagement of customers with the brand which also increases brand loyalty.
  • Visible positive impacts on the ROI and conversion rate of the entire organization.

With the pandemic hitting so many cities and states and resulting in national lockdowns in many countries around the world, video banking is one technology that can help take care of daily banking needs and activities of millions of people.

  • Customers can have virtual face to face interactions with banking experts to resolve all their queries and assist them to complete their tasks while also maintaining social distancing and staying in their homes.
  • Video banking services are completely safe and secure. Utmost care of data privacy and data security is taken by financial institutions to ensure that no fraudulent activities happen.
  • It is quick and reliable. There are no long lines and waiting tokens for people on video banking. Customers can get quick access to a bank representative and have a solution to their query within minutes.

How safe is Video Banking?

Having a safe and secure video banking feature enables financial institutions to accelerate sales cycles, improve loan processing procedures and even simplify the entire account opening process. In order to adhere with the security and compliance regulations, banks have always been under a lot of pressure to ensure a protected and secured video banking session for customers. There are many well planned security measures put in place for consumer data and bank data protection.

Governments of different countries around the world have strict regulations for video communication safety and security for all financial institutions. These regulations and standards are laid out to protect consumer data and prevent any kind of privacy breach or fraudulent activity.

Every financial institution has to be vigilant about providing diligence to all transactions taking place and have to closely monitor all financial activities and improve the customer identification and verification processes. Every financial institution is responsible and alert enough to immediately report any suspicious activity, which minimizes the scope for security breach.

Financial institutions also have very efficient risk management and anti-fraud measures to keep customer data safe and secure. In fact, banks and other financial institutions have much more control over the financial security of themselves and their customers now than ever before. With advanced technology that allows a very secure and smooth banking experience, customers can be completely stress free about their banking and account related data and information remaining private and safe.

Selecting a video banking provider that handles video banking security with utmost care and vigilance by offering secure communication channels which match industry standards and is technologically advanced to keep the customers and their data safe and secure is very vital for any financial institution that is providing video banking services.

In conclusion

Banks are doing almost everything in their power to stay connected with their customers and provide them with the best customer experience. Banks are ensuring that even during this lockdown they are able to add that human touch by providing video banking services. All in all, video banking is a great service as it lets customers open or close bank accounts, transfer funds, pay bills, and do all kinds of transactions with virtual face to face interactions with expert bank representatives. This is also completely safe and secure.

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